The MDMK leader said there are regional offices of IOB like at Raipur (Rs.798.98 crore), Dehradun (Rs.1,947.41 crore), Nagpur (Rs.1,453.15 crore) that transact much lower business volume but are not in the closure list.

“The closure of Nagapattinam regional office might affect low cost government deposits to the bank. The bank is the lead bank for two districts there — Nagapattinam and Tiruvarur,” a bank official said.

According to the IOB officials, the employees of regional offices to be closed would be posted in other offices.

“The move will also not make the bank top light. The direct benefit will be in the savings in establishment costs,” he said.

He said the other regional offices that are likely in the hit list are at Tirupati, Kozhikode, Agra, Jalandhar and Rajkot.